GMO Internet Announces its Stablecoin "GMO Japanese Yen"

Recently, GMO Internet, a leading IT firm from Japan has revealed its upcoming launch of a yen-pegged cryptocurrency - GMO Japanese Yen (GJY) - to be launched in 2019. The company will start full-scale preparation to issue the stablecoin - GJY, in preparation for a move into the blockchain remittance and settlement business.

A stablecoin is a cryptocurrency pegged to a stable asset, such as gold or fiat currencies. It is a cryptocurrency meant to hold stable values. It’s a currency that is global but is not tied to a central bank and has low volatility.

GMO intends to issue GJY to Asian markets in the fiscal year of 2019 through Z.com, a cryptocurrency exchange founded by GMO in its efforts to move into the crypto sector. The news marks a further potential player in the yen-pegged stablecoin market, with several other corporations signaling their intentions to launch assets of their own in recent months.

According to GMO, the introduction of GJY will help GMO settle transactions as it also operates mining farms and has recently launched a new web bank in partnership with Aozora Bank Group in its preparation to integrate blockchain technology for settling cross-border settlements.

In other developments around stablecoin, In July, IBM announced it is working with the Stellar protocol to launch a U.S. dollar pegged token. While in the U.S., both Gemini and Paxos last month confirmed their own U.S. dollar-pegged stablecoins are now live for trading.